Nifty Outlook 17th Mar 2010

After a lot of struggle at lower levels and trying to consolidate Nifty finally took a breakout and breached two major resistance 5156 and then 5179 comfortably to close above 5200.

So if we consider this as a breakout then Nifty may test previos high of 5303.

Currently Reliance Industries broke out from its range after some positive development and it may see some more action in the coming days.

The sentiments were also boosted by good advanced tax numbers.

Although breaking out will be a lot difficult for Nifty as most front line stocks are looking a bit tired after such a huge run up.

People should get ready to book some profit in every rally and must shift to cash slowly.

Important Nifty Levels for 17th Mar
Nifty Pivot	5185
Support
5170	5136	5112
Resistance
5226	5249	5274